📊 XAUUSD (Gold) – Technical Analysis
1. Overall Market Structure
The chart shows a strong uptrend, confirmed by:
- Higher highs and higher lows
- Price respecting the ascending trendline (blue)
- Multiple bullish candles with momentum
This indicates buyers are in control.
2. Key Zones Identified
🔵 Major Support Zone
Around 4,229 – 4,231, marked by the thick blue horizontal line.
This zone acted as resistance before and has now become support.
🔴 Resistance / Take-Profit Zone
The upper red line shows the resistance area where price has currently reacted.
3. Recent Price Action
- Price made a strong bullish breakout above previous consolidation.
- After breaking out, it pulled back slightly from the top (small bearish candle).
- This suggests a possible retracement before continuation.
4. Expected Move (Based on Your Drawing)
You illustrated a potential scenario:
🔻 Short-term Bearish Retracement
Price may drop to retest:
- The previous breakout zone
- The ascending trendline
- The support area
This would be a healthy correction.
🔺 Bullish Continuation
After retest, price may:
- Bounce and continue upward
- Continue the main trend
This aligns with a trend-following buy setup.
5. Risk–Reward
You marked a trade with a 1:2 RR ratio, which is good risk management:
- Small stop loss below support
- Larger take-profit target
6. Buy Opportunity
A potential buy area is around:
- Retest of support zone
- Trendline touch
- Bullish confirmation candle
This would be a high-probability entry in an uptrend.
Summary
✔ Market is in a strong uptrend
✔ Price may retrace to support
✔ Good buy opportunity on retest
✔ Resistance shown at the top
✔ 1:2 RR trade setup is valid
